President Obama was at a town hall meeting earlier this week where he fielded questions about some difficult topics. One question came from a law school graduate who is struggling at age 30: “Is the American dream dead?”

This is an interesting question. One response to this guy, which I don’t think would really placate him or be charitable, would be to say that one personal case of difficulties does not mean the American Dream has disappeared. On the other hand, this question could lead to the question of whether the American Dream will be redefined in the future because of present economic and social realities.

One part of the American Dream that could complicate the future definition is that Americans tend to want better things for their children. It is fascinating to go back to community studies like Middletown and see in the 1920s how parents wanted their wanted their children to get ahead, primarily through education. What if this is no longer feasible for many? Perhaps the American Dream will simply level off for a while rather than continue to expand. But this would mean parents (and children) would need to change their expectations about what the future might hold.